Subcontractor Seeks Release From $5.7M Construction Bond

By McCord Pagan (March 15, 2021, 9:04 PM EDT) -- A former subcontractor on a Hawaii highway construction project sued a Tokio Marine unit in that state's federal court over a $5.65 million performance bond, saying the contractor involved missed its window to try and enforce the instrument.

South Carolina-based Acadian Steel Inc. sued its surety, American Contractors Indemnity Co., Friday in Hawaii federal court in response to a demand made under the bond by the contractor on the project, Nan Inc., which is not a defendant in the suit.

Acadian said the 25-month time frame in which the bond could've been enforced closed late last year and that an effort...

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